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Currency boards in the Baltic countries : What have we learned?

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  • Korhonen, Iikka

Abstract

Sisällysluettelo: Abstract 5 1 Introduction 6 2 Currency board as an exchange rate arrangement 7 3 A short history of currency board arrangements 10 4 Currency boards in the Baltic countries 12 4.1 Monetary reforms in Estonia and Lithuania 12 4.1.1 Estonia 15 4.1.2 Lithuania 17 4.2 The rnacroeconomic effects of the Baltic currency boards 18 4.2.1 Inflation 20 4.2.2 Output 23 4.3 The Baltic currency boards and financial systems 25 4.4 Assessing the Baltic currency boards 27 5 Concluding remarks 32 References 34 Notes 37 Annex 39

Suggested Citation

  • Korhonen, Iikka, 1999. "Currency boards in the Baltic countries : What have we learned?," BOFIT Discussion Papers 9/1999, Bank of Finland, Institute for Economies in Transition.
  • Handle: RePEc:bof:bofitp:1999_009
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    References listed on IDEAS

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    1. Isard,Peter, 1995. "Exchange Rate Economics," Cambridge Books, Cambridge University Press, number 9780521466004, April.
    2. Fleming, Alex & Lily Chu & Bakker, Marie-Renee, 1996. "The Baltics - Banking crises observed," Policy Research Working Paper Series 1647, The World Bank.
    3. Barro, Robert J & Gordon, David B, 1983. "A Positive Theory of Monetary Policy in a Natural Rate Model," Journal of Political Economy, University of Chicago Press, vol. 91(4), pages 589-610, August.
    4. John Williamson, 1995. "What Role of Currency Boards?," Peterson Institute Press: Policy Analyses in International Economics, Peterson Institute for International Economics, number pa40, October.
    5. Isard,Peter, 1995. "Exchange Rate Economics," Cambridge Books, Cambridge University Press, number 9780521460477, April.
    6. Yum K. Kwan & Francis Lui, 1999. "Hong Kong's Currency Board and Changing Monetary Regimes," NBER Chapters,in: Changes in Exchange Rates in Rapidly Developing Countries: Theory, Practice, and Policy Issues (NBER-EASE volume 7), pages 403-436 National Bureau of Economic Research, Inc.
    7. Atish R. Ghosh, 1998. "Currency Boards; The Ultimate Fix?," IMF Working Papers 98/8, International Monetary Fund.
    8. Veerathai Santiprabhob, 1997. "Bank Soundness and Currency Board Arrangements: Issues and Experience," IMF Policy Discussion Papers 97/11, International Monetary Fund.
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    Citations

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    Cited by:

    1. Nikolay Nenovsky, 2001. "The Currency Board in Estonia, Lithuania and Bulgaria: Comparative Analysis," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 3, pages 24-45.
    2. Mart Sırg, 2005. "Estoniaís Accession to the EMU," Working Papers 133, Tallinn School of Economics and Business Administration, Tallinn University of Technology.
    3. D. Mario Nuti, 2000. "The Costs and Benefits of Euro-sation in Central-Eastern Europe Before or Instead of EMU Membership," William Davidson Institute Working Papers Series 340, William Davidson Institute at the University of Michigan.
    4. Sarkis Joseph Khoury & Clas Wihlborg, 2006. "Outsourcing Central Banking: Lessons from Estonia," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 9(2), pages 125-144.
    5. de Haan, Jakob & Berger, Helge & van Fraassen, Erik, 2001. "How to reduce inflation: an independent central bank or a currency board? The experience of the Baltic countries," Emerging Markets Review, Elsevier, vol. 2(3), pages 218-243, September.
    6. repec:pal:compes:v:59:y:2017:i:4:d:10.1057_s41294-017-0037-1 is not listed on IDEAS
    7. Kalev Kukk, 2007. "Estoniaís Way from Soviet Rouble to Own Kroon," Working Papers 163, Tallinn School of Economics and Business Administration, Tallinn University of Technology.
    8. Karsten Staehr, 2016. "Exchange Rate Policies in the Baltic States: From Extreme Inflation to Euro Membership," CESifo Forum, Ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 16(4), pages 09-18, January.
    9. Slavov, Slavi T., 2008. "Measuring and modeling the effects of G-3 exchange rate fluctuations on small open economies: A natural experiment," Economic Systems, Elsevier, vol. 32(3), pages 253-273, September.

    More about this item

    JEL classification:

    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • P20 - Economic Systems - - Socialist Systems and Transition Economies - - - General

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